Electrovaya stock included in renewable tech indices
Electrovaya Inc. (TSX: EFL | OTCQX: EFLVF) gained 4.55% on Friday September 16, 2016 to $3.45 and crossing above its 50-day moving average. Over the last five days, shares have gained 13.86% and 385.92% year to date. Shares have outperformed the S&P TSX by 425.78% during the last year.
September 16 was a significant day for Electrovaya jockeying for a position in the global race to gain lithium ion battery market shares.
September 16 marked the first day Electrovaya was selected by S&P Dow Jones Indices to join the S&P/TSX Renewable Energy & Clean Technology Indices and the S&P/TSX SmallCap Indices. The changes in the indices took place after the close of trading.
Inclusion in the indices is based on a number of criteria including market capitalization and liquidity. This shows a significant advance in Electrovaya’s profile among peers. This marks an enviable threshold for the company, which already enjoys a mature client base: 20,000 Daimler electric cars, ConEdison, major utilities in Europe, Glencore, and Walmart to name a few.
Commenting on the inclusion in the S&P/TSX indices, Dr. Sankar Das Gupta, Electrovaya’s Chairman and CEO, stated, “We are honored to be added to both the S&P/TSX Renewable Energy & Clean Technology Indices and the S&P/TSX SmallCap Indices. I believe this demonstrates not only the development of the Company over the last 12 months but also its place as an important participant in the quest for a cleaner environment.”
On September 15, 2016 Electrovaya announced that it is supplying Lithium Ion Batteries to Hyster-Yale Group. These Lithium ion battery modules all contain Electrovaya’s proprietary ceramic separator, Separion™, which provides the highest level of reliability and cycle life to lithium ion batteries.
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Electrovaya had previously announced this relationship in a press release on May 26, 2016 reporting the signing of the Master Supply Agreement and on July 26, 2016 announcing the start of deliveries against purchase orders without naming the customer.
Hyster-Yale Materials Handling, Inc. (NYSE: HY) is an independent public company which, operating through its subsidiary, Hyster-Yale Group, Inc. and its subsidiaries, designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names.
While Hyster-Yale Materials Handling became an independent public company in 2012, the operating company of Hyster-Yale Group has been building relationships and partnering with customers, suppliers, dealers, and employees for over 80 years. According to Hyster-Yale’s website, they strive for innovation in our products and services, quality and efficiency, sales and service excellence, global coverage with local tailoring of products and services, and organizational excellence.
Hyster-Yale also owns Nuvera Fuel Cells, LLC. Nuvera is an alternative-power technology company focused on fuel-cell stacks and related systems, on-site hydrogen production and dispensing systems.
There is a significant underserviced market in industrial equipment in needs of cost-effective power storage solutions.
In August, Electrovaya Inc. introduced the next generation Litacell™ lithium ion battery, LC-44 with ten percent higher storage capacity than the company’s previous model, the LC-40. The new model LC-44 is currently available to OEMs and battery pack integrators worldwide and the company expects to make its first deliveries in Q4 FY2016.
Dr. Luc C. Duchesne is a Speaker and Author with a PhD in Biochemistry. With three decades of scientific and business experience, he has published ... <Read more about Dr. Luc Duchesne>